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<br />". <br /> <br />olUHMNtCE .~ <br /> <br />.,.. <br /> <br />. <br /> <br />AN ORDINANCE OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA <br />AUTHORIZING THE ISSUANCE AND SALE OF NOT TO EXCEED $48,230,000 <br />AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS FOR <br />THE PURPOSE OF FINANCING THE COSTS OF VARIOUS PUBLIC <br />IMPROVEMENT PROJECTS OF AND FOR THE CITY; AUTHORIZING THE <br />ISSUANCE AND SALE OF NOT TO EXCEED $39,395,000 AGGREGATE PRINCIPAL <br />AMOUNT OF GENERAL OBLIGATION REFUNDING BONDS; AUTHORIZING THE <br />ISSUANCE AND SALE OF NOT TO EXCEED $18,275,000 AGGREGATE PRINCIPAL <br />AMOUNT OF GENERAL OBLIGATION PUBLIC UTILITY REFUNDING BONDS; <br />AND AUTHORIZING THE ISSUANCE AND SALE OF NOT TO EXCEED $22,470,000 <br />TAXABLE GENERAL OBLIGATION REFUNDING BONDS. <br /> <br />WHEREAS, the City Council (the "City Council") of the City of Portsmouth, Virginia <br /> <br />(the "City") has determined that it is advisable to authorize the issuance of $48,230,000 <br /> <br />aggregate principal amount of general obligation bonds (the "General Obligation Bonds") for the <br /> <br />purpose of providing funds to pay the costs of various public improvements for the City; and <br /> <br />WHEREAS, a duly advertised and conducted public hearing has been held with respect <br /> <br />. to the issuance of the General Obligation Bonds on October 11, 2005, as required by and in <br /> <br /> <br />accordance with Section 15.2-2606.A of the Code of Virginia of 1950, as amended; and <br /> <br />WHEREAS, the City has determined that it is advisable to issue and sell general <br /> <br />obligation refunding bonds of the City (the "General Obligation Refunding Bonds") to (a) <br /> <br />refund all or a portion of the outstanding balance of the City's (i) $34,640,000 General <br /> <br />Obligation Public Improvement and Refunding Bonds, Series 1997 A (the "1997 A Bonds"); (ii) <br /> <br />$9,780,000 Golf Course System Revenue Bonds, Series 1998 (the "1998 Bonds"); (iii) <br /> <br />$37,875,000 General Obligation Public Improvement and Refunding Bonds, Series 2001A (the <br /> <br />"2001A Bonds"); (iv) $15,800,000 Amended General Obligation Public Improvement Bond <br /> <br />Anticipation Note, Series 2002 (Tax Exempt) (the "2002 Tax-Exempt Note"); and (v) <br /> <br />$3,600,000 General Obligation Public Utility Bond Anticipation Note, Series 2005 (the "2005 <br /> <br />. Note"); and (b) refund, on a tax-exempt basis, all or a portion of the Industrial Development <br /> <br />